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Jul 30, 2009
07/09
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he was convicted of fraud in connection with the collapse of enron. a new date for the hearing has not been set. >>> we're all feeling the pinch with the shaky economy. hln money expert clark howard is here to help you. logon to cnn.com/clark. when you do that you can submit your i-report and you might be selected to be profiled on our network and then you can get some valuable advice from america's money coach. >>> a passenger claims he saw a child driving a new york subway train. hear his story and find out how the transit system is responding. @@@@@@@@@@@@@@@@@@@@@ >>> in the aftermath of the cambridge police controversy in massachusetts, a boston cop sends out an e-mail that includes a racial slur. what the officer wrote and how he and his attorney are responding. >>> a baby cut from her mother's womb is found alive. and the woman suspected of killing her has been arrested. >>> the terms 69 custody deal for michael jackson's kids. and the possibility that michael had a love child. >>> hi, everybody, and welcome. i'm chuck roberts. >>> breaking new
he was convicted of fraud in connection with the collapse of enron. a new date for the hearing has not been set. >>> we're all feeling the pinch with the shaky economy. hln money expert clark howard is here to help you. logon to cnn.com/clark. when you do that you can submit your i-report and you might be selected to be profiled on our network and then you can get some valuable advice from america's money coach. >>> a passenger claims he saw a child driving a new york subway...
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Jul 12, 2009
07/09
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WETA
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have not done a great job of emacing the environme, and speaking out aut what w believe,hich ishat the enronment should b protected and that w have responsibility to take care of moth earth. i thinke need to get that out on the table. but i would say on cap in trade, is it goi -- you know, we -- that's her main thing on her plate right now, andetting that passed for the president. the administration believes at ere's a strong, strong ne for this piece of legislation, and that it's going to have a profound economic, posive impact. nothing could be further from the truth. my goodness,e're going to inves all thfhis time and energy. we'rnot going to have that much impact on the overall clate, it's going to cosa t of money and lose a lot of jobs. >> every study that've seen shows thathere's a lot of hope in gre jobs, andhat it's not a choice that welways thought itas betwe business and the vironment. and that as you say, everybody should be for conservation. everybody ould be for economic devepment, for new jobs, consvatives no less than liberals, ergy i such a huge issue. >> absolutely. >>ut the cli
have not done a great job of emacing the environme, and speaking out aut what w believe,hich ishat the enronment should b protected and that w have responsibility to take care of moth earth. i thinke need to get that out on the table. but i would say on cap in trade, is it goi -- you know, we -- that's her main thing on her plate right now, andetting that passed for the president. the administration believes at ere's a strong, strong ne for this piece of legislation, and that it's going to have...
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Jul 13, 2009
07/09
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CNBC
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you can use any stock in the world, including enron and as long as you have a stop loss -- >> what about transaction costs? >> can i tell you something? >> barron's magazine once again, that long-run adage, you can't trade your way. you cannot do it. >> if you held on -- >> after taxes and after transaction costs. >> that's right. but if you held on to enron and world com and lehman's, and held on, you don't have to pay capital gains. >> jeremy segal, what's your response to that? >> well, i think if you do trailing stop losses, let me tell you in a volatile market, you're stopped out of 90% of your stocks at the low. >> which is terrific when it's up 50% in a volatile stock market like we've had. >> not in normal markets, it's very hard to do that. and transactions -- >> 90% of your stock. the normal market's 20% is plenty of room for blue chips. >> jeremy segal, could we be on the verge of a major long run sell off in treasury bonds here? >> i think treasury bonds are the toxic assets of the next decade. >> let me ask you. could we be on the verge -- this appeals to me the most, becaus
you can use any stock in the world, including enron and as long as you have a stop loss -- >> what about transaction costs? >> can i tell you something? >> barron's magazine once again, that long-run adage, you can't trade your way. you cannot do it. >> if you held on -- >> after taxes and after transaction costs. >> that's right. but if you held on to enron and world com and lehman's, and held on, you don't have to pay capital gains. >> jeremy segal,...
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Jul 11, 2009
07/09
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that post enron crackdown that passed congress in 48 hours, it contained questionable measures that languished in congress unapproved for five years and businesses are still hurting from it. small companies spend a lot of their profit growth on new accountants, big companies take their new stock listings to exchanges overseas and sarbanesoxley did nothing to stop the new countdown, one congress is using for a new round of photo ops. it's photo overtime. we start with this picture, the got ya shown around the world. it appears to show president obama eyeing the derriere of a 16-year-old. it seems niclolas sarkozy is getting an eyul aswell. jasowith the "huffington post" and tika is the founder of tycoon publications, what do you think. >> i think the president is getting a bum rap. his picture was taken out of context. when you look at the video, it's a very different image than the photograph, the still photograph really has niclolas sarkozy, th president of france sort of staring at this young girl with a weird expression on his face and the president got tarred and feathered by the same brus
that post enron crackdown that passed congress in 48 hours, it contained questionable measures that languished in congress unapproved for five years and businesses are still hurting from it. small companies spend a lot of their profit growth on new accountants, big companies take their new stock listings to exchanges overseas and sarbanesoxley did nothing to stop the new countdown, one congress is using for a new round of photo ops. it's photo overtime. we start with this picture, the got ya...
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Jul 13, 2009
07/09
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was at the beginning of that corporate crime wave, didn't get as much time as like jeff skilling from enron got and -- >> what did skilling get? >> skilling got 25 years. ebbers 25. >> 25 years, skilling 25 years. >> the judge just set the bond for the ex-cfo in stanford financial at $500,000, pertinent to the conversation we are hearing this now. go ahead. >> so, take ebbers, ebbers is a gay who was an $11 billion accounting fraud, went to trial, didn't cooperate in anyway way, didn't admit he was guilty. it was a long, drawn-out trial, takes a huge amount of resources, he got 25 years. you are talking about someone like dryer, i disagree with jim completely, drier, 145 years for pleading guilty doesn't matter if you are caught red-handed, might as well make the government go through all the work of proving each detail of that case beyond a reasonable doubt. >> what does the public think? this is about the public perception that white collar criminals get treated better than -- >> the money back. >> minority people, also trying to get him to sing, you know, a lot of people like myself are
was at the beginning of that corporate crime wave, didn't get as much time as like jeff skilling from enron got and -- >> what did skilling get? >> skilling got 25 years. ebbers 25. >> 25 years, skilling 25 years. >> the judge just set the bond for the ex-cfo in stanford financial at $500,000, pertinent to the conversation we are hearing this now. go ahead. >> so, take ebbers, ebbers is a gay who was an $11 billion accounting fraud, went to trial, didn't cooperate...
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Jul 29, 2009
07/09
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MSNBC
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aig and enron wanted it, so mr. and mrs. derivative, mr. graham and his wife, mrs. graham, they were on the board. and they attach the bill before congress leaves. and it is passed, and nobody read it. >> and aig theft was consummated last year when we did not exact terms or get fall babacks, and s a bought government? >> remember, the scc, which is the nation's biggest law firm, essentially, was gutted over the past ten years. that's one of the reasons they missed this. >> i know you two have a lot to say. and i have a time monster. we are back with more of the "morning meeting" with karen and barry right after this. every da, transitions lenses are there every da, to help care for my sight. announcer: transitions lenses adjust to changing light to reduce glare and help protect your eyes from uv damage so you can see better today... and tomorrow. live your vision. transitions. healthy sight in every light. when you buy a pair of transitions lenses and register your certificate of authenticity, you could win $100 and we'll make a donation through the transitions hea
aig and enron wanted it, so mr. and mrs. derivative, mr. graham and his wife, mrs. graham, they were on the board. and they attach the bill before congress leaves. and it is passed, and nobody read it. >> and aig theft was consummated last year when we did not exact terms or get fall babacks, and s a bought government? >> remember, the scc, which is the nation's biggest law firm, essentially, was gutted over the past ten years. that's one of the reasons they missed this. >> i...
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Jul 16, 2009
07/09
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when this country experienced enron, there was outage from coast to coast. people who are not informed about the material things that were happening and not happening within that company. pause the shareholders were left in the dark. my concern is the lack of transparency to the shareholders, and to the public at large, not only as investors, but as investors -- as shareholders, if you will, as being taxpayers in this country. so the question that i have, i want to get -- follow up on mr. jordan's question. a little deeper into why you did not share this information with other regulatory agencies, for instance, the s.e.c. why didn't you feel compelled to share informatwith them? >> first of all, we were working with the regulators that were involved with putting the financial assistance together. that was the effort. the -- >> but -- >> but the -- the -- responsibility, it is not a treasury secretary's job to get between a company and its -- and the s.e.c., for instance. >> but my understanding -- >> i've been around long enough to know, these are critically
when this country experienced enron, there was outage from coast to coast. people who are not informed about the material things that were happening and not happening within that company. pause the shareholders were left in the dark. my concern is the lack of transparency to the shareholders, and to the public at large, not only as investors, but as investors -- as shareholders, if you will, as being taxpayers in this country. so the question that i have, i want to get -- follow up on mr....
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Jul 30, 2009
07/09
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he's never had a trial. >>> at 3:00 p.m., the enron appeal is scheduled. en appeals court tossed out an earlier appeal of 24 years. >>> they stepped in for a guy in a horrible wreck last weekend. here's rafer. >> we talk about guys coming out refuse tirmt, but this had a different feel to it. felipe massa is still hospitalized after hitting that tire at full speed. michael shchumaker is coming to take massa's place on the team. his first place could come sunday on the european grand prix. a lot of people are looking forward to seeing that. >>> michael vick may be able to return a football, but not a lot of you are excited about it. a-rod was number three, followed by terrell owens and kobe bryant. the big surprise was john mcenroe at number 10. he retired years ago. what do you think about this and why? start your text with robin's name so it gets to us or e-mail us. jack texted, i dislike brett favre. he has played the attention game as much as he has football during his long, drawn-out retirement. he lost my respect. meanwhile, an anonymous viewer texted
he's never had a trial. >>> at 3:00 p.m., the enron appeal is scheduled. en appeals court tossed out an earlier appeal of 24 years. >>> they stepped in for a guy in a horrible wreck last weekend. here's rafer. >> we talk about guys coming out refuse tirmt, but this had a different feel to it. felipe massa is still hospitalized after hitting that tire at full speed. michael shchumaker is coming to take massa's place on the team. his first place could come sunday on the...
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Jul 26, 2009
07/09
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. >> enron, world,, drexel works very well, the bankruptcy regime and do you agree that it's very important that you force creditors to internalize the cost of their credit decisions? >> absolutely otherwise you have it too big to fail institution which doesn't have any discipline other than the regulatory oversight. >> so this regime would totally reject the too big to fail? you wouldn't be asking taxpayers to guarantee or backstop losses. >> absolutely. too big to fail is an enormous problem. if we don't do anything else we need to solve that problem. this is critical because it would mean creditors would take losses if there are resolution costs the presumption is they would be paid by assessments on the other financial companies. >> with the republicans have proposed our financial services regulatory reform proposal includes an expedited bankruptcy within the bankruptcy code and i would ask you to particular attention to that. one thing that i am also concerned about is even having the financial system take those losses or the taxpayers and i would hope that we would preserve a true if
. >> enron, world,, drexel works very well, the bankruptcy regime and do you agree that it's very important that you force creditors to internalize the cost of their credit decisions? >> absolutely otherwise you have it too big to fail institution which doesn't have any discipline other than the regulatory oversight. >> so this regime would totally reject the too big to fail? you wouldn't be asking taxpayers to guarantee or backstop losses. >> absolutely. too big to fail...
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Jul 11, 2009
07/09
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deatirivatives because they can protect against risk, they can lower costs, but as we saw with, i guess, enron, as a great example, they can take both dealers and investors down. and when that happens, i would like some assurance that the taxpayers are not going to ultimately be the ones who assume that risk. that's not what we ought to be about. last september, leading up to last september, a lot of people made investments. they wrote over the counter derivatives. they made billions of dollars. profits on the way up. but when things turned down, who was asked to come in and backstop them? who was asked to take the risk, to suffer the loss. it was the taxpayer. now i personally believe that we ought to allow corporations to continue to write customized derivatives and that, yes, the government can look at them, but i -- another thing that we ought to consider is the government the best party to judge risk? and i say no. i think the government has a very poor track record, regulators, of identifying risk. are we going to leave when we start having standardized trading of over-the-counter deriva
deatirivatives because they can protect against risk, they can lower costs, but as we saw with, i guess, enron, as a great example, they can take both dealers and investors down. and when that happens, i would like some assurance that the taxpayers are not going to ultimately be the ones who assume that risk. that's not what we ought to be about. last september, leading up to last september, a lot of people made investments. they wrote over the counter derivatives. they made billions of...
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Jul 22, 2009
07/09
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but i would urge you to look at the enron situation and think about the kind of staff you might high year in the additional authority is you've been given. >> it's funny you mention that because we recently brought on -- i prosecuted the refco matter and we are bringing on world. >> bill black of missouri, kansas city, he had worked for the commodity futures corporation back in the early 90's, i don't believe he is for higher but his way of thinking about what went on is very useful and i wish to share that with you. i also want -- to put two issues out. one is warrants, and my deep concern about for instance goldman sachs and their warrant, it is my understanding that the american people have the right to 12.2 million shares of gold according to the numbers i have come and gold and actually has the privilege under the agreement determining when the tax payers have to sell those warrants, so they control the price and timing and i think it's really important of the war -- warrant that you examine these warrant potentials and the timing for the american people because the other day th
but i would urge you to look at the enron situation and think about the kind of staff you might high year in the additional authority is you've been given. >> it's funny you mention that because we recently brought on -- i prosecuted the refco matter and we are bringing on world. >> bill black of missouri, kansas city, he had worked for the commodity futures corporation back in the early 90's, i don't believe he is for higher but his way of thinking about what went on is very useful...
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Jul 16, 2009
07/09
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and the einsteins who changed that ball field in houston to enron field. how's that going? >> how's that working out for you? >> and a great honor and a worthy honor for robert f. kennedy, the triboro bridge in new york city has been named the robert f. kennedy bridge. >> national airport, reagan airport. >> i hear people call it reagan. >> i'm going to reagan. >> i do too. there's still a lot of people. >> it's generational. it takes a full generation of people who forgot what it used to be called. >> shea stadium is citi field. >> that one we'll never get used to. >> people still go to shea. >> and you're going to citifield to catch paul mccartney. >> i'm going to catch him in concert. very excited. >> remember when we saw ringo live on the roof in liverpool. >> i do. >> ringo told me of all the beatles, paul -- like newman on seinfeld seinfeld. paul is the one who always got all the girls. we brought it full circle i think. >> we feel good about it. >> i'm going to get out my guitar and strum kumbayah and maybe play us to break. >> still to come in the tv business, who m
and the einsteins who changed that ball field in houston to enron field. how's that going? >> how's that working out for you? >> and a great honor and a worthy honor for robert f. kennedy, the triboro bridge in new york city has been named the robert f. kennedy bridge. >> national airport, reagan airport. >> i hear people call it reagan. >> i'm going to reagan. >> i do too. there's still a lot of people. >> it's generational. it takes a full generation...
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Jul 21, 2009
07/09
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if it you did the auditing of the company, you were no longer in the wake of the enron scandal allowed to do consulting as well. tougher rules for the agencies. >> the s.e.c. would have powers to regulate the industry, according to reuters, and this happens when they go rating shopping, looking for another company to rate them. so that would be something that i think would be of interest to creditors. >> because they would be looking for a better -- rating. yes. let's get back to capitol hill, where ben bernanke continues his testimony. >> and i understand truly. i heard people say there are signs of stabilization. you didn't mention that you think there has been a peak in unemployment. i guess a peak has gone from 680,000 a month down to $500,000 a month, we're losing jobs. that's significant, and i think as time goes on, you're going to lose fewer and fewer jobs each month, because fewer and fewer people are able to be laid off. but we've gone from the subprime debacle, and it seems like now we're going through a second round in the residential. and that's individuals who had good lo
if it you did the auditing of the company, you were no longer in the wake of the enron scandal allowed to do consulting as well. tougher rules for the agencies. >> the s.e.c. would have powers to regulate the industry, according to reuters, and this happens when they go rating shopping, looking for another company to rate them. so that would be something that i think would be of interest to creditors. >> because they would be looking for a better -- rating. yes. let's get back to...
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Jul 21, 2009
07/09
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. >> you know, enron, worldsocom, drexel, worked very well, the bankruptcy regime. do you agree that it's very important that you force creditors to internalize the cost of their credit decisions? >> absolutely. otherwise you ever a too big to fail institution which doesn't have any discipline other than the regulatory oversight. >> so this regime would totally reject the too big to fail? i mean you would not be asking taxpayers to guarantee or back stop losses? >> absolutely. i think too big to fail is an enormous problem, if we don't do anything else, we need to solve that problem. this is a critical element in solving it because it means that creditors would take losses f there are resolution costs, the presumption is they would be paid by assessments by other financial companies. >> republicans have proposed our financial services regulatory reform proposals includes an expedited bankruptcy within the bankruptcy code. and i would ask you to pay a particular attention to that. one thing that i'm also concerned about is even having the financial system take those
. >> you know, enron, worldsocom, drexel, worked very well, the bankruptcy regime. do you agree that it's very important that you force creditors to internalize the cost of their credit decisions? >> absolutely. otherwise you ever a too big to fail institution which doesn't have any discipline other than the regulatory oversight. >> so this regime would totally reject the too big to fail? i mean you would not be asking taxpayers to guarantee or back stop losses? >>...
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Jul 24, 2009
07/09
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CNBC
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. >> after enron, what a concept, you know, to consider off balance sheet, item might affect on balance sheet. >> no risk, apparently. >> yeah, yeah. could be a problem. >> rebecca, you're right. this morning not quite the frenzy that we saw yesterday. just take earnings of 5 cents ahead of expectations, but the oil field service company, again, suffering from a decline in north american drilling activity. company says drilling in the u.s. and canada reached a five-year low. and they reiterated it does not expect a recovery before next year. kind of what we heard from halliburton earlier in the week as well. >> on the morning show, you not only have to do the stuff that happens before that morning but also anything after 4:00, it's fair game and it's ours. a few stock that did report after the bell yesterday, the big one, the granddaddy of them all, the granddaddy of all tech, microsoft reporting earnings per share that were two cents below expectations. a dropoff of global pc sales weighed on both revenue and profits. also, profits negatively impacted by charges relating to its forthco
. >> after enron, what a concept, you know, to consider off balance sheet, item might affect on balance sheet. >> no risk, apparently. >> yeah, yeah. could be a problem. >> rebecca, you're right. this morning not quite the frenzy that we saw yesterday. just take earnings of 5 cents ahead of expectations, but the oil field service company, again, suffering from a decline in north american drilling activity. company says drilling in the u.s. and canada reached a five-year...
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Jul 23, 2009
07/09
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how come our previous administration can lose 3 or 4 years of e-mails, looking back at enron and the energy crisis we are in. why do we have access to this information? what were they talking about? you look at american enterprise institute's web page, they actually brag that one of their decisions trumps g.e.'s staff. it is a brag. go look at it. host: next is houston, open phones, democrats. go ahead, houston. caller: good morning. thank you, susan, for taking my call. host: sure. caller: you mentioned briefly something about the henry louis gates, jr. host: yes, we had a question on it earlier in the program. caller: i have yet to get the full story as to what really transpired with the incident with the police department there in cambridge. i'm surprised to know -- i don't know what size cambridge, massachusetts is. they have the harvard college there, but i'm surprised that there wasn't anything said about
how come our previous administration can lose 3 or 4 years of e-mails, looking back at enron and the energy crisis we are in. why do we have access to this information? what were they talking about? you look at american enterprise institute's web page, they actually brag that one of their decisions trumps g.e.'s staff. it is a brag. go look at it. host: next is houston, open phones, democrats. go ahead, houston. caller: good morning. thank you, susan, for taking my call. host: sure. caller: you...
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Jul 7, 2009
07/09
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but many americans worry it will turn out to be an enron-style financial scheme where wall street manipulators make giant profits while ratepayers, motorists and main street businesses pay greatly increased costs. environmentalists rightly worry about the assumed large scale use of international offsets, and they are not verifiable. others say that foreign offsets claimed by c.b.o. to reduce the price of allowances by 70%, but that's highly questionable. to me a particular scary future the tax and trade tax regime is that anyone can purchase emissions, permits or credits. there is nothing to stop a large government like china from investing heavily in co-2 emission permits instead of u.s. treasuries. the effective course would be that u.s. located industries could not buy those permits or they would have to pay a much higher price for the permits, thereby making our businesses even less competitive with foreign manufacturers like those in china. market manipulation by speculators are bad enough, driving up demand and prices by foreign competitors is -- be closed by saying that the right energy
but many americans worry it will turn out to be an enron-style financial scheme where wall street manipulators make giant profits while ratepayers, motorists and main street businesses pay greatly increased costs. environmentalists rightly worry about the assumed large scale use of international offsets, and they are not verifiable. others say that foreign offsets claimed by c.b.o. to reduce the price of allowances by 70%, but that's highly questionable. to me a particular scary future the tax...
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Jul 22, 2009
07/09
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CSPAN2
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but i would urge you to look at the enron situation and think about the kind of staff you might high year in the additional authority is you've been given. >> it's funny you mention that because we recently brought on -- i prosecuted the refco matter and we are bringing on world. >> bill black of missouri, kansas city, he had worked for the commodity futures corporation back in the early 90's, i don't believe he is for higher but his way of thinking about what went on is very useful and i wish to share that with you. i also want -- to put two issues out. one is warrants, and my deep concern about for instance goldman sachs and their warrant, it is my understanding that the american people have the right to 12.2 million shares of gold according to the numbers i have come and gold and actually has the privilege under the agreement determining when the tax payers have to sell those warrants, so they control the price and timing and i think it's really important of the war -- warrant that you examine these warrant potentials and the timing for the american people because the other day th
but i would urge you to look at the enron situation and think about the kind of staff you might high year in the additional authority is you've been given. >> it's funny you mention that because we recently brought on -- i prosecuted the refco matter and we are bringing on world. >> bill black of missouri, kansas city, he had worked for the commodity futures corporation back in the early 90's, i don't believe he is for higher but his way of thinking about what went on is very useful...
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Jul 29, 2009
07/09
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MSNBC
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you made about it's the same thing all over again, except on such a more monumental scale, because enron and worldcom were dealing with billions of shareholder work and citigroup and goldman and bank of america and aig are dealing with trillions of taxpayer money. >> well, and taxpayers who we're seeing, some of them, at least, some of the hardest times in generations. >> absolutely. that's really the opportunity cost of what we're doing. if you look at the fact that states all across america are carti cutting sbined debt is 1$166 billion. we gave aig $80 billion. >> should we have not bailed out goldman sachs? >> i think we should be breaking them up, actually we forming the system. it will happen again. there is no doubt. it will happen again. and it will happen again faster. >> it's not a prediction. >> jonathan capehart has a question for you. >> hi, jonathan. >> hi. do you think the executive pay will have impact on how these banks operate or is this just of window dressing to placate a very angry public. >> it starts as window dressing. putting an ad of too big to fail. unless we d
you made about it's the same thing all over again, except on such a more monumental scale, because enron and worldcom were dealing with billions of shareholder work and citigroup and goldman and bank of america and aig are dealing with trillions of taxpayer money. >> well, and taxpayers who we're seeing, some of them, at least, some of the hardest times in generations. >> absolutely. that's really the opportunity cost of what we're doing. if you look at the fact that states all...
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perhaps the columbus circle station or enron time square. you never know where this could end up. >> and in brooklyn of all places where they like to be independent and free from the commercialism. we're going to staples center, right? every single arena is -- >> or the nokia center across the street. >> richard doesn't look too happy about it at all. all right, richard. >> well, it could get confusing. >> at least they're not renaming the united nations any time soon. as far as we know. >> reporter: you never know. wellbeing. we're all striving for it. purina cat chow helps you nurture it in your cat with a full family of excellent nutrition and helpful resources. purina cat chow. share a better life. the gold delta skymiles credit card... from american express... it's the official card... largest airline. of the world's and it's the only credit card... that earns miles on delta. miles that take you... to more places than ever before. over 350 destinations worldwide. so switch today. get up to 25,000 bonus miles-- good for a free flight. ca
perhaps the columbus circle station or enron time square. you never know where this could end up. >> and in brooklyn of all places where they like to be independent and free from the commercialism. we're going to staples center, right? every single arena is -- >> or the nokia center across the street. >> richard doesn't look too happy about it at all. all right, richard. >> well, it could get confusing. >> at least they're not renaming the united nations any time...
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Jul 11, 2009
07/09
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but many americans worry it will turn out to be an enron-style financial scheme where wall street manipulators make giant profits while ratepayers, motorists and main street businesses pay greatly increased costs. environmentalists rightly worry about the assumed large scale use of international offsets, and they are not verifiable. others say that foreign offsets claimed by c.b.o. to reduce the price of allowances by 70%, but that's highly questionable. to me a particular scary future the tax and trade tax regime is that anyone can purchase emissions, permits or credits. there is nothing to stop a large government like china from investing heavily in co-2 emission permits instead of u.s. treasuries. the effective course would be that u.s. located industries could not buy those permits or they would have to pay a much higher price for the permits, thereby making our businesses even less competitive with foreign manufacturers like those in china. market manipulation by speculators are bad enough, driving up demand and prices by foreign competitors is -- be closed by saying that the right energy
but many americans worry it will turn out to be an enron-style financial scheme where wall street manipulators make giant profits while ratepayers, motorists and main street businesses pay greatly increased costs. environmentalists rightly worry about the assumed large scale use of international offsets, and they are not verifiable. others say that foreign offsets claimed by c.b.o. to reduce the price of allowances by 70%, but that's highly questionable. to me a particular scary future the tax...
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Jul 19, 2009
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when this company experienced enron there was outrage from coast to coast, people that were not informed about the material things that were happening and not happening within that company. because the shareholders were left in the dark. my concern is the lack of transparency to the shareholders and to the public at large, not only as investors but as investors -- as shareholders, if you will, being the taxpayers of this country. so the question i have, i want to follow up on mr. jordan's question, a little deeper into why you did not get a little agencies. for example, the s.e.c., why didn't you feel compelled to share information with them? >> first of all, we were working with the regulators that were involved in putting the financial assistance together. that was the effort. but the responsibility, it is not a treasury secretary's job to get between a compp -- company and the s.e.c., for instance. i've been around long enough to know these are critically important decisions, and that's the responsibility of a c.e.o. working with his general counsel and with the regulator. >> but you
when this company experienced enron there was outrage from coast to coast, people that were not informed about the material things that were happening and not happening within that company. because the shareholders were left in the dark. my concern is the lack of transparency to the shareholders and to the public at large, not only as investors but as investors -- as shareholders, if you will, being the taxpayers of this country. so the question i have, i want to follow up on mr. jordan's...
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Jul 12, 2009
07/09
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deatirivatives because they can protect against risk, they can lower costs, but as we saw with, i guess, enron, as a great example, they can take both dealers and investors down. and when that happens, i would like some assurance that the taxpayers are not going to ultimately be the ones who assume that risk. that's not what we ought to be about. last september, leading up to last september, a lot of people made investments. they wrote over the counter derivatives. they made billions of dollars. profits on the way up. but when things turned down, who was asked to come in and backstop them? who was asked to take the risk, to suffer the loss. it was the taxpayer. now i personally believe that we ought to allow corporations to continue to write customized derivatives and that, yes, the government can look at them, but i -- another thing that we ought to consider is the government the best party to judge risk? and i say no. i think the government has a very poor track record, regulators, of identifying risk. are we going to leave when we start having standardized trading of over-the-counter deriva
deatirivatives because they can protect against risk, they can lower costs, but as we saw with, i guess, enron, as a great example, they can take both dealers and investors down. and when that happens, i would like some assurance that the taxpayers are not going to ultimately be the ones who assume that risk. that's not what we ought to be about. last september, leading up to last september, a lot of people made investments. they wrote over the counter derivatives. they made billions of...
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Jul 17, 2009
07/09
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, which has to do with the appointment power to the accounting board that congress set up after the enron scandal. there also is going to be a very early test for judge sotomayor when the court takes up what -- the briscoe case from virginia, and in essence the court is, i think, going to be re-examining a decision of just this term of the melon dez dee as case in which the court said if the prosecution in a criminal case wants to put in evidence a lab report, the confrontation clause requires that the chemist who prepared it be made available for cross-examination during the case. the vote was 5-4, and one of the five in the majority was justice souter, who is obviously retiring and will be replaced by justice, one suspects, sotomayor. she is, i think, more prosecution oriented than justice souter was, and i think there is a chance that the court, if it's willing to be somewhat embarrassingly bold, it may actually cast aside melendez dee as and start over in that area of the law. bob had mentioned cameras in the court there. is no real prospect, whatever arlen specter thinks to the contr
, which has to do with the appointment power to the accounting board that congress set up after the enron scandal. there also is going to be a very early test for judge sotomayor when the court takes up what -- the briscoe case from virginia, and in essence the court is, i think, going to be re-examining a decision of just this term of the melon dez dee as case in which the court said if the prosecution in a criminal case wants to put in evidence a lab report, the confrontation clause requires...